In a $100m deal, Apple has taken over a Montreal-based fintech company called Mobeewave which develops technology that turns a smartphone with a near-field communication (NFC) module into a payment terminal, Firrma.ru reported.

In its prior funding stage, Mobeewave was backed by Fort Ross Ventures, a VC fund invested by Russia’s Sberbank. The fund supports start-ups in the U.S., Israel and Russia with clear focus on fintech, artificial intelligence, machine learning, cloud services, cyber security, marketplaces, and industrial automation. Fort Ross Ventures is headed by Viktor Orlovskiy who once ran Sberbank’s IT Department.